ISLAMABAD: Pakistan refinery upgrades are expected to attract more than USD 6 billion in investment, with all five domestic oil refineries ready to sign upgradation agreements, the Petroleum Division said Friday.
The agreements are expected to be signed at the beginning of next month, according to the division. The programme aims to modernise refining capacity and strengthen Pakistan’s energy security.
Federal Minister for Petroleum Ali Pervaiz Malik held separate meetings with the management of all five refineries to review the refinery policy, the companies’ financial performance, and broader energy security issues.
Malik said refinery modernisation was essential for the sector’s long-term sustainability. He said the planned upgrades would enable domestic refineries to produce Euro-5 standard fuels and reduce Pakistan’s dependence on imported petrol and high-speed diesel.
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The minister said higher domestic production could also ease pressure on the country’s import bill and potentially contribute to lower fuel costs.
The Petroleum Division said the federal government would continue to facilitate refinery operators in resolving policy-related issues and support the implementation of the modernisation programme.
The meetings also covered progress on a proposed Oil City project in Hub, Balochistan, according to the Petroleum Division.
